AXA’s Penn to get $17 million payout
AXA Asia Pacific chief executive Andrew Penn is set to receive a total payout of $17 million from the merger with AMP if approved by shareholders.
The combined payout will be made up of a termination payment of about $9 million, which includes accrued benefits over his 20-year career, as well as about $8 million in options that will crystallise at the time the transaction is completed.
The $9 million termination payment is subject to approval by AXA shareholders, who will meet to vote on the payment and the merger on March 2, 2011.
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